Ripple’s InterLedger Protocol (ILP) Could Become a Global Payment System?

Ripple’s XRPcryptocurrency has remained somewhat stagnant during the latest crypto market rise, reporting gains of just 16% from its monthly low of $0.30 to its current price of $0.36. Most other large-cap coins and a variety of altcoins have boasted gains well over 20%, leaving XRP behind.

However, things may begin to turn around for XRP as its adoption heats up through the implementation of Ripple’s InterLedger Protocol.

During the InterLedger Summit of 2019, it was announced that Stronghold Inc., a financial services platform that powers cross-border payments and foreign exchange networks, will implement the first InterLedger Protocol, which is a giant step towards XRP adoption.

The XRP Research Center expressed excitement over the ILP presentation, tweeting:

Ripple’s InterLedger Protocol to Spur Adoption?

The InterLedger Protocol (ILP) presents a bridge between crypto and fiat, enabling fast, efficient, and interoperable exchange between them. The ILP is the missing link whose interoperable nature will speed up adoption of not only XRP but all cryptocurrencies.

In an ILP demonstration of how payments could be streamed using the Interledger SDK Switch, Kevin Davis of Kava Labs swapped Bitcoin (BTC), Ethereum (ETH), and XRPin seconds.

Commenting on this demonstration via Twitter was XRP fan Warren Paul Anderson, who was blown away by the speed and ease of using InterLegder to swap XRP and ETH.

With the launch of Ripple’s fintech products like the InterLedger protocol, financial institutions will be more easily on-boarded with XRP to carry out both local and cross-border transactions in a faster, cheaper, and more seamless manner.

As well, the InterLedger protocol could potentially be critical to the entire crypto market gaining widespread adoption over the coming years.

Commenting on the developments of the ILP and its future role in the world of finance, Evan Schwartz, the co-inventor of InterLedger and an engineer at Ripple, said he hopes the ILPv4 will be the latest version and last for a very long time.

We're hopeful that ILPv4 will be the last version for a long while. We're bringing the ilp-connector up to production quality and starting to use it for micropayments over cryptocurrencies. The plugins for XRP, ETH, and ERC20 tokens should be good to use w/in 1-2 weeks

Do you think the InterLedger protocol will help drive widespread crypto adoption among financial institution and consumers alike? Will Ripple’s XRP benefit the most from the InterLedger protocol? Let us know what you think in the comment section below.

About Jeremy Wall

Jeremy is a financial writer and aspiring investor. He is also a cryptocurrency enthusiast that’s fascinated with blockchain technology and the financial markets. When he’s not researching and learning about cryptocurrency, he’s traveling the world with his dog and girlfriend.